Tether Ventures into Sustainable Bitcoin Mining in Uruguay

Zionodes
3 min readJun 2, 2023

Weekly Update

The Global Crypto Market Cap is up by 1.41% to $1.15T at the time of writing this article. Over the past 24 hours, the overall volume of the Cryptocurrency Market has decreased by 9.49% to $29.79B.

DeFi’s total 24-hour volume is $2.16B, or 7.27% of the overall Crypto Market volume. All Stablecoin volume is currently $27.51B, or 92.35% of the 24-hour volume of the whole Crypto Market.

The price of Bitcoin was trading at $26,432.79 at the time of writing. According to data from CoinMarketCap, Bitcoin’s dominance is currently 46.00%, a decrease of 0.05% from the previous day. In the last 24 hours, the price of ETH increased by 2.06% to $1,893.81, while the price of BNB went up by 1.15% to $308.25. Based on the CoinMarketCap Chart, the total market capitalization of Cryptocurrencies has shown the following trend in its movement since the previous week:

After experiencing several weeks of volatility, Bitcoin has started to stabilize. As Bitcoin continues to stabilize, market sentiment has turned positive with hopes of a potential rally. This optimism is fueled by the recent occurrence of a short-lived memecoin rally, which could potentially resume as the market begins its recovery.

Tether Expands into Sustainable Bitcoin Mining in Uruguay

Tether, issuer of USDT stablecoin, has recently unveiled its strategy to invest in environmentally-friendly Bitcoin Mining ventures in Uruguay. In an effort to broaden its revenue streams and support the USDT stablecoin, Tether plans to establish a mining division in collaboration with a local licensed company.

The decision to select Uruguay as the investment destination stems from the nation’s remarkable proportion of renewable electricity generation, primarily derived from wind and hydropower sources. According to the US International Trade Administration, Uruguay presently generates over 98 percent of its electricity from renewable sources. Tether envisions leveraging Uruguay’s renewable energy capabilities to spearhead sustainable and responsible Bitcoin Mining. Paolo Ardoino, the Chief Technology Officer of Tether, emphasized the company’s unwavering dedication to renewable energy and its commitment to minimizing the ecological impact of Bitcoin Mining. Ardoino asserts that Tether’s mining activities will have an insignificantly low environmental footprint, while upholding the security and integrity of the Bitcoin network.

In order to bolster its mining operations in Uruguay, Tether is actively searching for energy specialists to join its ranks. The company aims to recruit professionals with expertise in renewable energy and mining operations. By tapping into the local talent pool, Tether aims to propel its ambitions forward and ensure the success of its South American-based mining endeavor.

Tether’s entry into sustainable Bitcoin Mining aligns with its overarching strategy to fortify and diversify its reserves. The company recently disclosed its plan to allocate up to 15 percent of its net profits towards acquiring Bitcoin. By focusing on renewable energy and maintaining custody of its Bitcoin holdings, Tether endeavors to enhance the sustainability and security of its operations.

Tether’s pivot towards Green Mining coincides with similar initiatives undertaken by other industry participants, reflecting a growing acknowledgment of the environmental impact of Bitcoin Mining and a shift towards more sustainable practices.

What’s Next?

Prominent participants within the cryptocurrency industry recognize the significance of embracing eco-friendly approaches to mining in order to mitigate its environmental impact. This serves as a source of inspiration for various sectors globally, encouraging them to adopt similar practices for the betterment of the world. Over the years, the demand for mining as an investment has witnessed a substantial rise, particularly with the advent of remote mining, enabling individuals to conveniently mine from the comfort of their homes. By embracing sustainable mining practices on a broader scale, we can continue our progress towards a greener future.

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